United Airlines third quarter financial results beat expectations
United Airlines tuesday reported third quarter 2022 financial results, beating expectations on top-line operating revenue, unit costs and adjusted operating margin.
The company achieved operating revenue growth of 13.2% versus third quarter 2019, with a 25.5% TRASM improvement in the quarter versus 2019, while CASM-ex1 (cost per available seat mile) came in better than expected, resulting in 11.3% operating margin; 11.5% operating margin on an adjusted basis.
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The airline now expects fourth quarter adjusted operating margin to be above 2019 for the first time.
“I am grateful to United employees who delivered an incredible performance this quarter taking care of our customers and producing, by most metrics, the best operational quarter in our history,” said United Airlines CEO Scott Kirby.
Third Quarter Financial Results
- Reported third quarter 2022 net income of $942 million, adjusted net income1 of $927 million.
- Reported third quarter 2022 capacity down 9.8% compared to third quarter 2019.
- Reported third quarter 2022 total operating revenue of $12.9 billion, up 13.2% compared to third quarter 2019.
- Reported third quarter 2022 TRASM of up 25.5% compared to third quarter 2019.
- Reported third quarter 2022 CASM of up 27.8%, and CASM-ex1 of up 14.5%, compared to third quarter 2019.
- Reported third quarter 2022 operating margin of 11.3%, adjusted operating margin1 of 11.5%.
- Reported third quarter 2022 pre-tax margin of 9.0%, adjusted pre-tax margin1 of 8.9%.
- Reported third quarter 2022 fuel price of $3.81 per gallon.
- Reported third quarter 2022 payments of long-term debt, finance leases and other financing liabilities of $810 million.
- Reported third quarter 2022 ending available liquidity2 of $20.4 billion.
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